Natuzzi plans Rs 60 cr investment

Italian premium leather upholstery player Natuzzi has decided to pump in Rs 60 crores to

expand its retail network in India and add another 15 new outlets this year taking the count to 26. To implement the retail strategy, the company plans to explore multiple formats like flagship stores, mono-brand smaller outlets and shop-in-shops. It currently has a presence through the franchisee route and plans to extend its reach to other metros and larger cities. The company has brands like Italsofa and Natuzzi under its belt and soon the Italsofa brand will become a complete furniture solution model introducing products like wall units and centre tables as starters.

The company is also looking at setting up its own manufacturing unit for domestic consumption, after it builds its presence in the country. The $1 billion Italian firm is one of the few furnishing companies listed on the New York Stock Exchange. It currently has over 350 galleries and stores spanning 123 countries. About 88 per cent of its turnover is generated outside Italy and holds its major market shares in Europe (51 per cent) and America (35 per cent).